Consolidating loans with department of education

They say one person’s misfortune is another’s gain, but the Department of Education doesn’t want that to be the case for tens of thousands of students affected by ITT Educational Services’ closure of 130 ITT Technical Institute campuses, no matter how good the deal sounds.While now-former students of the for-profit college are likely exploring their options — seeking a discharge of student loans or transferring to a comparable school — a lack of information or misinformation could lead consumers to become victims of scammers. of Education reminded students on a recent webinar that they still have rights when it comes to their federal student loan debt.Still, it should come as no surprise if some students aren’t aware of their rights or the lurking dangers associated with student loans debt consolidation and school transfers.

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The government offers consolidation through Direct Consolidation Loans.If a borrower is contacted by someone offering to consolidate your loans for a fee, you are not dealing with one of the Department’s consolidation servicers.In addition to their extensive in-house services, Sallie Mae also acts as administrators for their client’s Federal student loans.College students will find that Sallie Mae can address all of their education related financial needs.When considering consolidation, borrowers should look at their current loan benefits and determine if they are worth losing.

While loan consolidation can greatly simplify loan repayment by centralizing your loans to one bill and can lower monthly payments by giving you up to 30 years to repay your loans.The company offers a variety of student specific loans, including loans for undergraduate and graduate students, loans for career training, loans for medical and dental residencies, and loans for law students preparing for their bar exams.Sallie Mae also offers extensive 529 College Savings Plans for students and their families, as well as banking services and student friendly insurance policies for health, auto, home and tuition.The repayment options discussed above have been put in place to address the needs of students wishing to lower their monthly payments, without the necessity for writing new consolidated loans.Students may still choose to consolidate their outstanding loans through another financial institution, in which case their new repayment plan will be governed by their new private lender.Sallie Mae is the country’s premier financial services company specializing in the needs of college students and their families.